Title
Resolution Regarding Approval of Series Ordinance Authorizing Issuance and Sale of Water Supply System Revenue Bonds in an Aggregate Amount Not to Exceed $51,894,938 (Ordinance 2025-03) for FY 2025 Drinking Water State Revolving Fund (DWSRF) Projects
Body
Agenda of: June 25, 2025
Item No.: 2025-163
Amount: Not to Exceed $51,894,938
TO: The Honorable
Board of Directors
Great Lakes Water Authority
FROM: Suzanne R. Coffey, P.E.
Chief Executive Officer
Great Lakes Water Authority
DATE: June 25, 2025
RE: Resolution Regarding Approval of Series Ordinance Authorizing Issuance and Sale of Water Supply System Revenue Bonds in an Aggregate Amount Not to Exceed $51,894,938 (Ordinance 2025-03) for Fiscal Year (FY) 2025 Drinking Water State Revolving Fund (DWSRF) Projects
MOTION
Upon recommendation of Nicolette N. Bateson, Chief Financial Officer (CFO) and Treasurer, the Board of Directors (Board) of the Great Lakes Water Authority (GLWA), approve a resolution for the Series Ordinance Authorizing Issuance and Sale of Water Supply System Revenue Bonds in an Aggregate Amount Not to Exceed $51,894,938 as presented, and authorizes the Chief Executive Officer (CEO) to take such other action as may be necessary to accomplish the intent of this vote.
BACKGROUND
The Detroit Water and Sewerage Department (DWSD) was awarded low-interest funding for a Water Main Replacement project through the Michigan Department of Environment, Great Lakes, and Energy (EGLE) FY 2025 DWSRF program. This project has two components, referenced as Project A and Project B, and will have separate loans. Both projects are supported by this series ordinance (Series 2025 SRF-1/2: with 1 representing Project A and 2 representing Project B) in an aggregate amount of $51,894,938.
The calculation of this Series Ordinance not to exceed (NTE) amount includes a 10% loan financing contingency to allow for fluctuations in the final State Revolving Fund (SRF) award...
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